chapter v conclusion 5.1 conclusion · 51 chapter v conclusion 5.1 conclusion based on the analysis...

51

CHAPTER V

CONCLUSION

5.1 Conclusion

Based on the analysis and discussion that have been described in the

previous chapter, result of this study prove that:

1. Free cash flow as proxied by FCF / TA positively affect dividend policy.

Free cash flow positevely affect dividend policy means that when the

companies have higher free cash flow, they will pay higher dividend. On

the other hands, when the companies have lower free cash flow, they will

pay lower dividend.

2. Company's life cycle as proxied by RE / TE positively affect dividend

policy. Company’s life cycle positively affcet dividend policy means that

when the companies in the mature stage, they will pay higher dividend

because the retained earnings is a large portion of total equity. On the other

hands, the companies in the growth stage will pay lower dividend because

the retained earnings is a small portion of total equity.

5.2 Limitation of the Research

This study has several limitations, they are:

1. There are many other factors that can explain dividend policy. This study

only used two independent variables, they are free cash flow as proxied by

FCF/TA and company’s life cycle as proxied by RE/TE.

52

2. The period of this study only conducted from 2008 to 2011 because the

changes on the Indonesia Corporate Act occurred in 2007.

3. Sample of this study only using manufacturing company so that the results

of this research cannot be made to another types of company.

5.3 Suggestion

The suggestions for further research are:

1. There are many variables that can affect dividend policy. Therefore,

further research expected to add other independent variables so the results

obtained can be better than this study.

2. Extend the period of the study, so that can see trends in the long term that

will describe the conditions that actually occurred.

3. Further research can use sample from another type of company so that the

results can be made to other type of company.

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APPENDIX 1

List of Manufacturing Company 2008

NO COMPANY’S NAME CODE

1 PT. Aqua Golden Mississippi Tbk AQUA 2 PT. Argha Karya Prima Industri Tbk AKPI 3 PT. Astra International Tbk ASII 4 PT. Astra Otoparts Tbk AUTO 5 PT. Sepatu Bata Tbk BATA 6 PT. Budi Acid Jaya Tbk BUDI 7 PT. Indo Kordsa Tbk BRAM 8 PT. Berlina Tbk BRNA 9 PT. Delta Djakarta Tbk DLTA 10 PT. Darya-Varia Laboratoria Tbk DVLA 11 PT. Ekadharma International Tbk EKAD 12 PT. Goodyear Indonesia Tbk GDYR 13 PT. Gudang Garam Tbk GGRM 14 PT. Hanjaya Mandala Sampoerna Tbk HMSP 15 PT. Kageo Igar Jaya Tbk IGAR 16 PT. Sumi Indo Kabel Tbk IKBI 17 PT. Indofood Sukses Makmur Tbk INDF 18 PT. Indospring Tbk INDS 19 PT. Indocement Tunggal Prakarsa Tbk INTP 20 PT. Kimia Farma (Persero) Tbk KAEF 21 PT. Kalbe Farma Tbk KLBF 22 PT. Lion Metal Works Tbk LION 23 PT. Lionmesh Prima Tbk LMSH 24 PT. Malindo Feedmill Tbk MAIN 25 PT. Merck Tbk MERK 26 PT. Multi Bintang Indonesia Tbk MLBI 27 PT. Mustika Ratu Tbk MRAT 28 PT. Mayora Indah Tbk MYOR 29 PT. Mandom Indonesia Tbk TCID 30 PT. Semen Gresik (Persero) Tbk SMGR 31 PT. Selamat Sempurna Tbk SMSM 32 PT. Sorini Agro Asia Corporinndo Tbk SOBI 33 PT. Sucaco Tbk SCCO 34 PT. Trias Sentosa Tbk TRST 35 PT. Tempo Scan Pacifik Tbk TSPC 36 PT. Taisho Pharmaceutical Indonesia Tbk SQBI 37 PT. Unilever Indonesia Tbk UNVR 38 PT. Unggul Indah Cahaya UNIC 39 PT. Yanaprima Hastapersada Tbk YPAS



1 PT. Aqua golden Mississippi Tbk AQUA 2 PT. Asahimas Flat Glass Tbk AMFG 3 PT. Arwana Citramulia Tbk ARNA 4 PT. Astra International Tbk ASII 5 PT. Astra Otoparts Tbk AUTO 6 PT. Sepatu Bata Tbk BATA 7 PT. Indo Kordsa Tbk BRAM 8 PT. Berlina Tbk BRNA 9 PT. Budi Acid Jaya Tbk BUDI 10 PT. Charoen Pokphand Indonesia Tbk CPIN 11 PT. Champion Pasific Indonesia Tbk IGAR 12 PT. Duta Pertiwi Nusantara Tbk DPNS 13 PT. Dynaplast Tbk DYNA 14 PT. Delta Djakarta Tbk DLTA 15 PT. Darya-Varia Laboratoria Tbk DVLA 16 PT. Ekadharma International Tbk EKAD 17 PT. Fajar Surya Wisesa Tbk FASW 18 PT. Gudang Garam Tbk GGRM 19 PT. Gajah Tunggal Tbk GJTL 20 PT. Goodyear Indonesia Tbk GDYR 21 PT. Hanjaya Mandala Sampoerna Tbk HMSP 22 PT. Sumi Indo Kabel Tbk IKBI 23 PT. Indofood Sukses Makmur Tbk INDF 24 PT. Indospring Tbk INDS 25 PT. Indocement Tunggal Prakarsa Tbk INTP 26 PT. Kalbe Farma Tbk KLBF 27 PT. Lion Metal Works Tbk LION 28 PT. Lionmesh Prima Tbk LMSH 29 PT. Malindo Feedmill Tbk MAIN 30 PT. Merck Tbk MERK 31 PT. Multi Bintang Indonesia Tbk MLBI 32 PT. Mustika Ratu Tbk MRAT 33 PT. Semen Gresik (Persero) Tbk SMGR 34 PT. Selamat Sempurna Tbk SMSM 35 PT. Sorini Agro Asia Corporindo Tbk SOBI 36 PT. Sucaco Tbk SCCO 37 PT. Surya Toto Indonesia Tbk TOTO 38 PT. Taisho Pharmaceutical Indonesia Tbk SQBI 39 PT. Mandom Indonesia Tbk TCID



40 PT. Tri Polyta Indonesia Tbk TPIA 41 PT. Trias Sentosa Tbk TRST 42 PT. Tempo Scan Pacifik Tbk TSPC 43 PT. Unggul Indah Cahaya Tbk UNIC 44 PT. Unilever Indonesia Tbk UNVR 45 PT. Japfa Comfeed Indonesia Tbk JPFA 46 PT. Jembo Cable Tbk JECC 47 PT. Multistrada Arah Sarana MASA 48 PT. Tembaga Mulia Semanan TBMS



1 PT. Alumindo Light Metal Industry Tbk ALMI 2 PT. Asia Plast Industries Tbk APLI 3 PT. Asahimas Flat Glass Tbk AMFG 4 PT. Astra International Tbk ASII 5 PT. Astra Otoparts Tbk AUTO 6 PT. Sepatu Bata Tbk BATA 7 PT. Indo Kordsa Tbk BRAM 8 PT. Berlina Tbk BRNA 9 PT. Budi Acid Jaya Tbk BUDI 10 PT. Charoen Pokphand Indonesia Tbk CPIN 11 PT. Champion Pasific Indonesia Tbk IGAR 12 PT. Citra Turbindo Tbk CTBN 13 PT. Chandra Asri Petrochemical TPIA 14 PT. Delta Djakarta Tbk DLTA 15 PT. Duta Pertiwi Nusantara Tbk DPNS 16 PT. Darya-Varia Laboratoria Tbk DVLA 17 PT. Ekadharma International Tbk EKAD 18 PT. Fajar Surya Wisesa Tbk FASW 19 PT. Gudang Garam Tbk GGRM 20 PT. Gajah Tunggal Tbk GJTL 21 PT. Goodyear Indonesia Tbk GDYR 22 PT. Hanjaya Mandala Sampoerna Tbk HMSP 23 PT. Holcim Indonesia Tbk SMCB 24 PT. Sumi Indo Kabel Tbk IKBI 25 PT. Indofood Sukses Makmur Tbk INDF 26 PT. Indocement Tunggal Prakarsa Tbk INTP 27 PT. Indopoly Swakarsa Industry Tbk IPOL 28 PT. Indofood CBP Sukses Makmur Tbk ICBP 29 PT. Japfa Comfeed Indonesia Tbk JPFA 30 PT. Kabelindo Murni Tbk KBLM 31 PT. Kalbe Farma Tbk KLBF 32 PT. Krakatau Steel Tbk KRAS 33 PT. Lion Metal Works Tbk LION 34 PT. Lionmesh Prima Tbk LMSH 35 PT. Malindo Feedmill Tbk MAIN 36 PT. Multistrada Arah Sarana Tbk MASA 37 PT. Merck Tbk MERK 38 PT. Multi Bintang Indonesia Tbk MLBI 39 PT. Mustika Ratu Tbk MRAT



40 PT. Martina Berto MBTO 41 PT. Mandom Indonesia Tbk TCID 42 PT. Semen Gresik (Persero) Tbk SMGR 43 PT. Selamat Sempurna Tbk SMSM 44 PT. Sucaco Tbk SCCO 45 PT. Surya Toto Indonesia Tbk TOTO 46 PT. Sekar Laut Tbk SKLT 47 PT. Tembaga Mulia Semanan Tbk TBMS 48 PT. Taisho Pharmaceutical Indonesia (PS) Tbk SQBI 49 PT. Timah NIKL 50 PT. Tempo Scan Pacifik Tbk TSCP 51 PT. Pabrik Kertas Tjiwi Kimia Tbk TKIM 52 PT. Unilever Indonesia Tbk UNVR



1 PT. Sepatu Bata Tbk BATA 2 PT. Indo Kordsa Tbk BRAM 3 PT. Champion Pasific Indonesia Tbk IGAR 4 PT. Hanjaya Mandala Sampoerna Tbk HMSP 5 PT. Malindo Feedmill Tbk MAIN 6 PT. Selamat Sempurna Tbk SMSM 7 PT. Sierad Produce Tbk SIPD 8 PT. Surya Toto Indonesia Tbk TOTO 9 PT. Unilever Indonesia Tbk UNVR

APPENDIX 2

1 AQUA 123,763,000,000 100,684,000,000 23,079,000,000 1,003,488,000,000 0.023 537,129,000,000 581,580,000,000 0.924 1200.00 6,255 0.1922 AKPI 155,955,771,000 22,191,724,000 133,764,047,000 1,644,229,905,000 0.081 32,593,849,000 732,227,566,000 0.045 40.00 100 0.4003 ASII 9,953,000,000,000 4,951,000,000,000 5,002,000,000,000 80,740,000,000,000 0.062 29,027,000,000,000 33,080,000,000,000 0.877 570.00 2,270 0.2514 AUTO 517,079,000,000 185,988,000,000 331,091,000,000 3,981,316,000,000 0.083 2,222,370,000,000 2,652,969,000,000 0.838 299.00 734 0.4075 BATA -36,673,025,000 92,663,201,000 -129,336,226,000 401,900,579,000 -0.322 260,118,240,000 273,118,240,000 0.952 1904.00 12,120 0.1576 BUDI 79,992,000,000 213,011,000,000 -133,019,000,000 1,698,750,000,000 -0.078 45,935,000,000 618,850,000,000 0.074 6 9 0.6677 BRAM 168,901,714,000 58,751,782,000 110,149,932,000 1,672,766,471,000 0.066 651,728,593,000 998,024,806,000 0.653 125.00 211 0.5928 BRNA 15,869,582,295 27,660,718,484 -11,791,136,189 432,191,714,490 -0.027 128,567,981,545 179,741,708,241 0.715 87.00 140 0.6219 DLTA 162,006,513,000 13,880,971,000 148,125,542,000 698,296,738,000 0.212 484,739,468,000 519,768,305,000 0.933 3500.00 5,230 0.66910 DVLA 116,185,088,000 42,653,415,000 73,531,673,000 637,660,844,000 0.115 150,020,824,000 507,849,295,000 0.295 45.00 129 0.34911 EKAD 57,107,269,026 1,678,485,680 55,428,783,346 140,763,761,567 0.394 28,334,088,794 59,020,079,203 0.480 3.00 8 0.36412 GDYR -44,561,723,000 200,182,734,000 -244,744,457,000 1,022,329,205,000 -0.239 255,728,308,000 296,728,308,000 0.862 60.00 20 3.00013 GGRM 2,260,895,000,000 1,052,113,000,000 1,208,782,000,000 24,072,959,000,000 0.050 14,503,522,000,000 15,519,266,000,000 0.935 350.00 2,622 0.13314 HMSP 4,745,113,000,000 1,194,954,000,000 3,550,159,000,000 16,133,819,000,000 0.220 6,939,146,000,000 8,047,896,000,000 0.862 220.00 889 0.24715 IGAR 41,018,481,569 4,812,438,154 36,206,043,415 305,782,633,658 0.118 143,632,955,953 191,507,887,524 0.750 3.00 7 0.42916 IKBI 68,316,550,264 7,749,916,622 60,566,633,642 636,408,514,847 0.095 199,559,228,928 507,136,016,388 0.394 143.00 319 0.44817 INDF 2,684,806,000,000 2,332,303,000,000 352,503,000,000 39,591,309,000,000 0.009 5,328,387,000,000 8,571,533,000,000 0.622 47.00 623 0.07518 INDS 120,016,752,077 7,931,529,395 112,085,222,682 918,227,729,873 0.122 49,837,365,395 108,674,957,925 0.459 50.00 849 0.05919 INTP 1,619,202,132,220 233,285,568,095 1,385,916,564,125 11,286,706,863,779 0.123 3,951,301,067,740 8,500,193,560,385 0.465 150.00 474 0.31620 KAEF -22,080,322,177 30,658,174,741 -52,738,496,918 1,445,669,799,639 -0.036 348,784,922,769 947,764,542,800 0.368 2.49 10 0.25021 KLBF 807,700,535,344 305,198,137,295 502,502,398,049 5,703,832,411,898 0.088 3,717,529,710,036 3,622,399,153,499 1.026 12.50 189 0.06622 LION 28,539,587,019 5,038,275,447 23,501,311,572 253,141,852,363 0.093 147,237,419,015 201,208,049,236 0.732 135.00 727 0.18623 LMSH 302,294,510 380,134,589 -77,840,079 61,987,805,413 -0.001 28,134,157,736 37,898,295,096 0.742 60.00 962 0.06224 MAIN 13,254,603,000 134,637,092,000 -121,382,489,000 859,934,901,000 -0.141 112,609,601,000 46,179,809,000 2.439 4.00 27 0.14825 MERK 103,733,500,000 13,319,240,000 90,414,260,000 375,064,492,000 0.241 287,362,290,000 327,323,807,000 0.878 5350.00 10,660 0.50226 MLBI 415,213,000,000 112,680,000,000 302,533,000,000 941,389,000,000 0.321 321,306,000,000 344,178,000,000 0.934 175000.00 24,138 7.25027 MRAT 30,430,824,332 11,429,561,040 19,001,263,292 354,780,623,962 0.054 164,349,010,572 303,622,641,425 0.541 13.02 52 0.25028 MYOR 138,452,987,153 505,577,585,462 -367,124,598,309 2,922,998,415,036 -0.126 802,253,270,069 1,245,109,325,465 0.644 50.00 256 0.19529 TCID 101,359,599,478 128,961,542,938 -27,601,943,460 910,789,677,565 -0.030 527,101,105,171 816,166,049,465 0.646 300 590 0.50830 SMGR 2,628,307,576,000 561,763,758,000 2,066,543,818,000 10,602,963,724,000 0.195 6,422,588,000 8,069,585,873,000 0.001 273.19 426 0.64131 SMSM 130,695,243,469 101,277,078,904 29,418,164,565 929,753,183,773 0.032 366,495,266,489 546,221,696,384 0.671 125.00 64 1.95332 SOBI 42,964,345,000 87,816,986,000 -44,852,641,000 1,111,099,598,000 -0.040 451,069,706,000 543,758,716,000 0.830 35.00 158.15 0.22133 SCCO 74,244,131,565 43,317,981,050 30,926,150,515 1,126,782,347,718 0.027 142,672,214,051 356,006,594,051 0.401 30 55 0.54534 TRST 129,361,073,810 111,472,203,833 17,888,869,977 2,158,865,645,281 0.008 662,498,992,203 1,307,387,332,221 0.507 10.00 21 0.47635 TSPC 292,296,080,215 75,454,779,518 216,841,300,697 2,967,057,055,450 0.073 1,802,514,804,428 2,235,687,760,131 0.806 40.00 152 0.26336 SQBI 112,301,736,000 15,964,619,000 96,337,117,000 294,724,871,000 0.327 125,252,983,000 214,545,310,000 0.584 8000 9773 0.81937 UNVR 2,785,785,000,000 506,243,000,000 2,279,542,000,000 6,504,736,000,000 0.350 2,928,012,000,000 3,100,312,000,000 0.944 320.00 315 1.01638 UNIC -32668962 -1839556 -30829406 283,769,701 -0.109 53227493 122,455,997 0.435 0.0038 0.01 0.38039 YPAS 747,187,310 28,732,617,973 -27985430663 180,549,748,739 -0.155 23,635,143,282 118,489,113,299 0.199 20.00 28 0.714

RE Total Equity RE/TE DPS EPS DPR

List of Manufacuring Company 2008

NO CODE NCF Capital expenditure FCF Total asset FCF/TA

FCF/TA

1 AQUA 322,516,000,000 133,105,000,000 189,411,000,000 1,147,206,000,000 0.165 617,247,000,000 656,915,000,000 0.940 1800.00 7,287.00 0.2472 AMFG 341,732,000,000 433,798,000,000 -92,066,000,000 1,972,397,000,000 -0.047 1,147,229,000,000 1,529,312,000,000 0.750 40.00 155.00 0.2583 ARNA 87,985,547,922 33,038,100,408 54,947,447,514 822,686,549,168 0.067 250,521,216,621 342,521,285,998 0.731 7.00 35.00 0.2004 ASII 11,335,000,000,000 4,645,000,000,000 6,690,000,000,000 88,938,000,000,000 0.075 35,586,000,000,000 39,894,000,000,000 0.892 1,300.00 2,480.00 0.5245 AUTO 595,745,000,000 117,480,000,000 478,265,000,000 4,644,939,000,000 0.103 2,760,059,000,000 3,208,778,000,000 0.860 636.00 996.00 0.6396 BATA 80,886,504,000 21,903,373,000 58,983,131,000 416,679,147,000 0.142 288,343,895,000 301,343,895,000 0.957 2,370.00 9,841.00 0.2417 BRAM 213,251,329,000 77,729,621,000 135,521,708,000 1,349,630,935,000 0.100 667,584,167,000 981,987,623,000 0.680 125.00 160.00 0.7818 BRNA 27,083,258,750 27,021,379,863 61,878,887 507,226,402,680 0.00012 136,822,209,441 179,729,698,846 0.761 87.00 146.00 0.5969 BUDI 239,422,000,000 101,396,000,000 138,026,000,000 1,598,824,000,000 0.086 170,164,000,000 744,040,000,000 0.229 9.67 75.00 0.12910 CPIN 1,855,546,000,000 153,093,000,000 1,702,453,000,000 5,349,375,000,000 0.318 2,647,393,000,000 2,933,018,000,000 0.903 196.00 491.00 0.39911 IGAR 29,394,540,274 4,663,608,348 24,730,931,926 317,808,701,451 0.078 165,376,326,019 207,280,708,502 0.798 3.00 24.66 0.12212 DPNS 20,281,483,012 458,899,450 19,822,583,562 142,551,475,929 0.139 24,868,617,275 107,817,841,076 0.231 6.00 21.52 0.27913 DYNA 182,986,321,292 160,617,389,605 22,368,931,687 1,290,590,949,137 0.017 253,801,851,616 439,404,239,664 0.578 50.00 208.41 0.24014 DLTA 169,345,237,000 17,273,145,000 152,072,092,000 760,425,630,000 0.200 555,197,396,000 590,226,233,000 0.941 9,500.00 7,900.00 1.20315 DVLA 5,688,757,000 21,582,246,000 -15,893,489,000 783,613,064,000 -0.020 197,093,057,000 554,921,528,000 0.355 45.00 342.00 0.13216 EKAD 5,568,259,218 3,494,914,987 2,073,344,231 165,122,502,774 0.013 43,100,367,274 69,524,864,274 0.620 3.00 29.00 0.10317 FASW 868,140,069,724 125,147,790,447 742,992,279,277 3,671,234,906,908 0.202 342,082,687,291 1,584,587,808,615 0.216 23.00 111.68 0.20618 GGRM 3,265,201,000,000 1,404,742,000,000 1,860,459,000,000 27,230,965,000,000 0.068 17,285,793,000,000 18,301,537,000,000 0.944 650.00 1,796.00 0.36219 GJTL 1,137,405,000,000 335,575,000,000 801,830,000,000 8,877,146,000,000 0.090 917,363,000,000 2,670,660,000,000 0.343 15.00 260.00 0.05820 GDYR 389,391,836,000 357,242,477,000 32,149,359,000 1,127,629,806,000 0.029 374,354,057,000 415,354,057,000 0.901 225.00 2,953.00 0.07621 HMSP 4,305,596,000,000 575,183,000,000 3,730,413,000,000 17,716,447,000,000 0.211 9,396,685,000,000 10,461,616,000,000 0.898 765.00 1,161.00 0.65922 IKBI 112,732,401,688 12,950,552,974 99,781,848,714 561,948,871,968 0.178 184,527,626,810 492,104,414,270 0.375 14.00 94.00 0.14923 INDF 2,314,507,000,000 2,917,901,000,000 -603,394,000,000 40,382,953,000,000 -0.015 6,991,568,000,000 10,155,495,000,000 0.688 93.00 806.00 0.11524 INDS 122,838,213,571 6,168,282,295 116,669,931,276 621,140,423,109 0.188 106,728,302,650 165,565,895,180 0.645 250.00 1,567.00 0.16025 INTP 3,184,421,623,015 218,764,959,075 2,965,656,663,940 13,276,270,232,548 0.223 6,145,770,383,972 10,680,725,404,001 0.575 225.00 746.12 0.30226 KLBF 1,363,583,440,601 277,596,519,508 1,085,986,921,093 6,482,446,670,172 0.168 4,529,299,395,099 4,310,437,877,062 1.051 25.00 260.00 0.09627 LION 50,456,390,635 4,237,724,246 46,218,666,389 271,366,371,297 0.170 173,828,588,093 227,799,218,314 0.763 125.00 646.00 0.19328 LMSH 4,064,913,956 12,161,658,963 -8,096,745,007 72,830,915,980 -0.111 29,958,664,770 39,722,802,130 0.754 30.00 250.00 0.12029 MAIN 90,192,511,000 45,321,869,000 44,870,642,000 885,347,531,000 0.051 187,223,712,000 120,793,920,000 1.550 126.00 224.00 0.56330 MERK 81,263,477,000 14,202,786,000 67,060,691,000 433,970,635,000 0.155 314,222,468,000 354,183,985,000 0.887 3,570.00 15,542.00 0.23031 MLBI 526,980,000,000 128,171,000,000 398,809,000,000 993,465,000,000 0.401 82,339,000,000 105,211,000,000 0.783 3,650.00 40,524.00 0.09032 MRAT 2,437,835,047 10,085,456,325 -7,647,621,278 365,635,717,933 -0.021 179,793,297,292 316,412,409,850 0.568 9.82 49.00 0.20033 SMGR 4,246,497,651,000 1,605,691,658,000 2,640,805,993,000 12,951,308,161,000 0.204 8,143,284,128,000 10,197,679,028,000 0.799 308.45 566.00 0.54534 SMSM 268,070,416,818 53,275,889,761 214,794,527,057 941,651,276,002 0.228 319,386,934,027 497,821,548,960 0.642 90.00 92.00 0.97835 SOBI 392,286,907,000 280,011,842,000 112,275,065,000 1,262,528,507,000 0.089 576,951,278,000 672,907,312,000 0.857 55.00 347.44 0.15836 SCCO 184,516,715,957 25,417,062,979 159,099,652,978 1,042,755,037,722 0.153 161,739,350,719 375,073,730,719 0.431 30.00 90.00 0.33337 TOTO 227,527,798,490 23,842,956,483 203,684,842,007 1,010,892,409,021 0.201 468,804,091,519 528,673,291,519 0.887 700.00 3,691.00 0.19038 SQBI 178,394,770,000 5,539,715,000 172,855,055,000 318,933,869,000 0.542 174,592,292,000 263,448,395,000 0.663 8,500.00 13,324.00 0.63839 TCID 188,221,655,813 70,532,706,338 117,688,949,475 994,620,225,969 0.118 591,392,883,737 880,797,253,531 0.671 320.00 620.00 0.51640 TPIA 601,240,000,000 13,661,000,000 587,579,000,000 2,747,915,000,000 0.214 699,963,000,000 1,785,863,000,000 0.392 115.00 663.00 0.17341 TRST 315,372,607,771 15,735,669,693 299,636,938,078 1,921,660,087,991 0.156 778,301,089,873 1,144,728,613,467 0.680 15.00 51.00 0.29442 TSPC 476,589,761,145 124,528,797,517 352,060,963,628 3,263,102,915,008 0.108 1,982,479,180,766 2,408,870,867,823 0.823 95.00 179.00 0.53143 UNIC 68,662,771 270,317 68,392,454 238,667,876 0.287 55,936,330 130,613,683 0.428 0.01 0.01 0.47544 UNVR 3,280,710,000,000 563,129,000,000 2,717,581,000,000 7,484,990,000,000 0.363 3,530,519,000,000 3,702,819,000,000 0.953 399.00 399.00 1.00045 JPFA 684,257,000,000 316,586,000,000 367,671,000,000 6,070,137,000,000 0.061 52,005,000,000 2,101,540,000,000 0.025 5.00 393.00 0.013



NO CODECODE NCF Capital expenditure FCF Total asset

46 JECC 27,820,836,000 6,371,580,000 21,449,256,000 587,380,790,000 0.037 22,435,254,000 102,510,254,000 0.219 30.00 104.78 0.28647 MASA 180,729,000,000 187,455,000,000 -6,726,000,000 2,536,045,000,000 -0.003 411,885,000,000 1,459,657,000,000 0.282 1.00 28.60 0.03548 TBMS 144,752,826,820 20,675,121,450 124,077,705,370 996,064,870,315 0.125 66,541,404,691 129,016,104,691 0.516 700.00 2,931.00 0.239



NO CODE NCF Capital expenditure FCF Total asset FCF/TA

1 ALMI -73,945,789,465 1,138,585,655 -75,084,375,120 1,504,154,332,712 -0.050 285,351,334,592 505,798,105,207 0.564 70.00 141.96 0.4932 APLI 30,870,127,945 2,220,253,149 28,649,874,796 334,950,548,997 0.086 45,916,926,397 229,459,767,545 0.200 20.00 17.55 1.1403 AMFG 481,895,000,000 87,052,000,000 394,843,000,000 2,372,657,000,000 0.166 1,460,842,000,000 1,842,925,000,000 0.793 80.00 1,742.00 0.0464 ASII 2,907,000,000,000 6,527,000,000,000 -3,620,000,000,000 112,857,000,000,000 -0.032 44,731,000,000,000 58,689,000,000,000 0.762 600.00 3,549.00 0.1695 AUTO 399,127,000,000 429,732,000,000 -30,605,000,000 5,585,852,000,000 -0.005 3,410,782,000,000 4,103,147,000,000 0.831 464.00 1,480.00 0.3146 BATA 43,110,621,000 17,429,439,000 25,681,182,000 484,252,555,000 0.053 318,508,965,000 331,508,965,000 0.961 1,446.00 4,690.00 0.3087 BRAM 57,464,276,000 134,496,402,000 -77,032,126,000 1,492,727,607,000 -0.052 745,494,366,000 1,208,877,015,000 0.617 125.00 298.00 0.4198 BRNA 60,380,243,000 56,282,554,000 4,097,689,000 550,907,477,000 0.007 159,577,077,000 223,963,615,000 0.713 90.00 251.00 0.3599 BUDI 56,154,000,000 153,951,000,000 -97,797,000,000 1,967,633,000,000 -0.050 194,070,000,000 802,010,000,000 0.242 13.03 12.00 1.08610 CPIN 2,408,406,000,000 390,281,000,000 2,018,125,000,000 6,518,276,000,000 0.310 4,173,277,000,000 4,482,036,000,000 0.931 39.80 135.00 0.29511 IGAR 84,926,087,634 6,540,867,228 78,385,220,406 347,473,064,455 0.226 194,611,600,599 293,244,352,907 0.664 25.00 33.05 0.75612 CTBN 18,610,960 11,653,978 6,956,982 273,675,409 0.025 60,017,654 112,062,474 0.536 0.02 0.02 0.91313 TPIA 579,350,000,000 214,251,000,000 365,099,000,000 3,003,086,000,000 0.122 964,484,000,000 2,050,131,000,000 0.470 14.50 478.00 0.03014 DLTA 31,742,557,000 17,324,113,000 14,418,444,000 708,583,733,000 0.020 542,639,077,000 593,358,786,000 0.915 10,500.00 8,716.00 1.20515 DPNS 15,249,703,610 1,529,304,564 13,720,399,046 175,682,792,596 0.078 37,631,821,108 127,340,511,472 0.296 10.00 44.54 0.22516 DVLA 122,855,218,000 52,593,524,000 70,261,694,000 854,109,991,000 0.082 282,773,579,000 640,602,050,000 0.441 30.00 99.00 0.30317 EKAD 13,961,224,282 13,094,997,491 866,226,791 204,470,482,995 0.004 65,908,472,145 125,199,419,821 0.526 8.00 35.00 0.22918 FASW 1,164,934,536,805 807,826,407,539 357,108,129,266 4,495,022,404,702 0.079 568,093,069,627 1,810,598,190,951 0.314 57.00 114.21 0.49919 GGRM 2,872,598,000,000 1,097,169,000,000 1,775,429,000,000 30,741,679,000,000 0.058 20,181,418,000,000 21,320,276,000,000 0.947 880.00 2,155.00 0.40820 GJTL 1,010,980,000,000 749,350,000,000 261,630,000,000 10,371,567,000,000 0.025 2,108,113,000,000 3,526,597,000,000 0.598 12.00 238.00 0.05021 GDYR 19,523,845 9,242,430 10,281,415 127,685,085 0.081 42,353,443 127,685,085 0.332 0.02938 0.18 0.16322 HMSP 7,059,975,000,000 397,286,000,000 6,662,689,000,000 20,525,123,000,000 0.325 9,134,039,000,000 10,215,452,000,000 0.894 1,840.00 1,465.00 1.25623 SMCB 1,061,234,000,000 255,705,000,000 805,529,000,000 10,437,249,000,000 0.077 505,145,000,000 6,826,003,000,000 0.074 46 108 0.42624 IKBI -36,294,909,196 8,191,065,949 -44,485,975,145 600,820,329,651 -0.074 184,852,276,779 492,429,064,239 0.375 10.00 15.00 0.66725 INDF 6,989,734,000,000 2,567,110,000,000 4,422,624,000,000 47,275,955,000,000 0.094 9,110,852,000,000 24,852,838,000,000 0.367 133.00 336.00 0.39626 INTP 3,390,048,000,000 435,966,000,000 2,954,082,000,000 15,346,146,000,000 0.192 8,542,435,000,000 13,100,598,000,000 0.652 263.00 876.05 0.30027 IPOL 5,450,000,000 231,087,000,000 -225,637,000,000 2,219,410,000,000 -0.102 253,911,000,000 1,061,674,000,000 0.239 3.00 32.74 0.09228 ICBP 2,247,903,000,000 352,569,000,000 1,895,334,000,000 13,361,313,000,000 0.142 2,344,832,000,000 8,919,546,000,000 0.263 116.00 344.00 0.33729 JPFA 1,098,162,000,000 612,229,000,000 485,933,000,000 6,981,107,000,000 0.070 1,035,555,000,000 3,486,867,000,000 0.297 365.00 463.00 0.78830 KBLM 5,654,912,326 5,009,012,309 645,900,017 403,194,715,268 0.002 14,918,892,115 227,151,469,628 0.066 2.00 3.00 0.66731 KLBF 1,253,907,863,696 469,775,003,400 784,132,860,296 7,032,496,663,288 0.112 5,581,253,810,560 5,373,784,301,200 1.039 70.00 328.00 0.21332 KRAS 848,429,000,000 1,061,880,000,000 -213,451,000,000 17,584,059,000,000 -0.012 372,433,000,000 9,293,915,000,000 0.040 6 81 0.07433 LION 32,525,842,443 1,927,874,689 30,597,967,754 303,899,974,798 0.101 205,957,887,451 259,928,517,672 0.792 200.00 743.00 0.26934 LMSH 9,647,718,776 251,204,455 9,396,514,321 78,200,046,845 0.120 37,021,201,144 46,785,338,474 0.791 50.00 766.00 0.06535 MAIN 148,915,331,000 155,257,141,000 -6,341,810,000 966,318,649,000 -0.007 324,476,139,000 258,046,347,000 1.257 23.00 531.00 0.04336 MASA 506,382,000,000 742,677,000,000 -236,295,000,000 3,038,412,000,000 -0.078 580,616,000,000 1,629,135,000,000 0.356 1.00 28.80 0.03537 MERK 159,583,168,000 16,690,651,000 142,892,517,000 434,768,493,000 0.329 323,055,146,000 363,016,663,000 0.890 4,464.00 12,166.00 0.36738 MLBI 320,056,000,000 139,487,000,000 180,569,000,000 1,137,082,000,000 0.159 448,349,000,000 471,221,000,000 0.951 24,074.00 50,271.00 0.47939 MRAT 4,613,811,149 8,416,879,715 -3,803,068,566 386,352,442,915 -0.010 200,009,134,222 337,511,576,658 0.593 11.41 57.00 0.20040 MBTO 9,371,439,826 14,334,189,625 -4962749799 333,129,929,836 -0.015 45,518,752,115 116,919,245,610 0.389 10.00 51.41 0.19541 TCID 157,211,148,765 68,954,670,198 88,256,478,567 1,047,238,440,003 0.084 658,496,649,080 948,480,404,874 0.694 340.00 654.00 0.52042 SMGR 3,378,416,266,000 3,503,078,149,000 -124,661,883,000 15,562,998,946,000 -0.008 9,954,536,248,000 12,006,438,613,000 0.829 306.26 613.00 0.50043 SMSM 151,302,099,412 118,651,204,158 32,650,895,254 1,067,103,249,531 0.031 340,236,848,615 519,374,643,869 0.655 80.00 104.00 0.76944 SCCO -29,979,043,004 3,765,930,089 -33,744,973,093 1,157,613,045,585 -0.029 211,109,987,568 428,528,218,710 0.493 90.00 296.00 0.30445 TOTO 156,057,916,260 20,683,595,501 135,374,320,759 1,091,583,115,098 0.124 568,483,340,872 630,982,040,872 0.901 1,001.50 3,912.00 0.25646 SKLT 8,089,259,673 8,657,802,439 -568,542,766 199,375,442,469 -0.003 27,648,664,140 118,301,454,013 0.234 2.00 7.00 0.286

RE Total Equity RE/TE DPS EPS DPRNO CODE NCF Capital expenditure FCF Total asset FCF/TA


47 TBMS 157,246,007,956 28,543,062,096 128,702,945,860 1,239,043,088,831 0.104 56,913,348,221 119,388,048,221 0.477 100.00 176.00 0.56848 SQBI 141,006,185,000 19,128,066,000 121,878,119,000 320,023,490,000 0.381 181,775,247,000 269,051,247,000 0.676 8,500.00 9,105.00 0.93449 NIKL -45,853,651,000 45,030,508,000 -90884159000 917,662,004,000 -0.099 127,310,981,000 487,423,343,000 0.261 94.17 29.55 3.18750 TSCP 578,089,303,003 110,414,774,197 467,674,528,806 3,589,595,911,220 0.130 2,178,868,439,687 3,589,595,911,220 0.607 40.00 140.00 0.28651 TKIM 141,642 79,880 61,762 2,329,754 0.027 107,592 675,377 0.159 0.00176 0.0350 0.05052 UNVR 3,619,189,000,000 1,238,520,000,000 2,380,669,000,000 8,701,262,000,000 0.274 3,873,119,000,000 4,045,419,000,000 0.957 594.00 444.00 1.338

RE Total Equity RE/TE DPS EPS DPRNO CODE NCF Capital expenditure FCF Total asset FCF/TA


1 BATA 70,623,707,000 16,514,707,000 54,109,000,000 516,649,305,000 0.105 341,480,088 354,480,088,000 0.001 1,565.00 4,355.00 0.359

2 BRAM 141,798,770,000 228,779,634,000 -86,980,864,000 1,660,113,065,000 -0.052 756,733,641,000 1,201,725,440,000 0.630 100.00 150.00 0.667

3 IGAR 26,838,860,043 5,242,912,490 21,595,947,553 355,579,996,944 0.061 182,474,885,389 290,586,357,773 0.628 20.00 37.52 0.533

4 HMSP 11,088,270,000,000 443,946,000,000 10,644,324,000,000 19,376,343,000,000 0.549 9,134,733,000,000 19,376,343,000,000 0.471 500.00 1,840.00 0.272

5 MAIN 66,218,691,000 207,340,053,000 -141,121,362,000 1,327,801,184,000 -0.106 490,748,810,000 421,824,514,000 1.163 25.00 121.00 0.207

6 SMSM 229,766,347,392 102,336,619,166 127,429,728,226 1,136,857,942,381 0.112 426,725,908,192 670,612,341,979 0.636 30.00 140.00 0.214

7 SIPD 22,464,668,307 379,775,031,807 -357,310,363,500 2,641,602,932,160 -0.135 92,871,223,591 1,271,072,402,115 0.073 1 2.35 0.426

8 TOTO 233,247,021,169 166,578,528,674 66,668,492,495 1,339,570,029,820 0.050 697,442,557,156 760,541,257,156 0.917 100.00 4,403.00 0.023

9 UNVR 5,461,876,000,000 1,600,786,000,000 3,861,090,000,000 10,482,312,000,000 0.368 3,504,268,000,000 3,680,937,000,000 0.952 300.00 546.00 0.549

DPR EPS DPRTotal asset FCF/TA RE Total Equity


RE/TENO CODE NCF Capital expenditure FCF

APPENDIX 3

Normality

Regression

Variables Entered/Removedb

Model Variables Entered

Variables

Removed Method

1 RE/TE, FCF/TA . Enter

a. All requested variables entered.

b. Dependent Variable: DPR

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 ,109a ,012 -,002 ,71609

a. Predictors: (Constant), RE/TE, FCF/TA


ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression ,895 2 ,447 ,872 ,420a

Residual 74,354 145 ,513

Total 75,249 147



Coefficientsa

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig. B Std. Error Beta

1 (Constant) ,375 ,133 2,827 ,005

FCF/TA ,520 ,432 ,100 1,203 ,231

RE/TE ,077 ,183 ,035 ,421 ,674

a. Dependent Variable: DPR

Residuals Statisticsa

Minimum Maximum Mean Std. Deviation N

Predicted Value ,2811 ,7079 ,4705 ,07801 148

Residual -,55401 6,63592 ,00000 ,71120 148

Std. Predicted Value -2,429 3,043 ,000 1,000 148

Std. Residual -,774 9,267 ,000 ,993 148


NPar Tests

One-Sample Kolmogorov-Smirnov Test

Unstandardized

Residual

N 148

Normal Parametersa,b Mean ,0000000

Std. Deviation ,71120281

Most Extreme Differences Absolute ,238

Positive ,233

Negative -,238

Kolmogorov-Smirnov Z 2,893

Asymp. Sig. (2-tailed) ,000

a. Test distribution is Normal.

b. Calculated from data.

NPar Tests

One-Sample Kolmogorov-Smirnov Test

Unstandardized

Residual

N 136

Normal Parametersa,b Mean -,1382564

Std. Deviation ,22387892

Most Extreme Differences Absolute ,114

Positive ,114

Negative -,053

Kolmogorov-Smirnov Z 1,335

Asymp. Sig. (2-tailed) ,057

a. Test distribution is Normal.

b. Calculated from data.

Autocorrelation Regression



Variables

Removed Method

1 res_2, FCF/TA,

RE/TE

. Enter


b. Dependent Variable: Unstandardized Residual

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 ,019a ,000 -,021 ,71823892

a. Predictors: (Constant), res_2, FCF/TA, RE/TE


ANOVAb


1 Regression ,028 3 ,009 ,018 ,997a

Residual 73,769 143 ,516

Total 73,797 146

a. Predictors: (Constant), res_2, FCF/TA, RE/TE


Coefficientsa

Model


Standardized

Coefficients


1 (Constant) ,001 ,133 ,008 ,993

FCF/TA -,011 ,434 -,002 -,024 ,981

RE/TE ,003 ,184 ,001 ,015 ,988

res_2 -,019 ,084 -,019 -,229 ,819

a. Dependent Variable: Unstandardized Residual



Predicted Value -,1252568 ,0163914 ,0018765 ,01377251 147

Residual -,56758243 6,62339735 ,00000000 ,71082145 147


Std. Residual -,790 9,222 ,000 ,990 147

a. Dependent Variable: Unstandardized Residual

Heterocedasticity Regression



Variables

Removed Method



b. Dependent Variable: AbsUt

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 ,083a ,007 -,007 ,62677



ANOVAb


1 Regression ,399 2 ,200 ,508 ,603a

Residual 56,962 145 ,393

Total 57,361 147



Coefficientsa

Model


Standardized

Coefficients


1 (Constant) ,231 ,116 1,990 ,048

FCF/TA ,158 ,378 ,035 ,418 ,677

RE/TE ,139 ,160 ,072 ,871 ,385

a. Dependent Variable: AbsUt



Predicted Value ,2200 ,5486 ,3340 ,05211 148

Residual -,43292 6,21312 ,00000 ,62249 148


Std. Residual -,691 9,913 ,000 ,993 148

a. Dependent Variable: AbsUt

Muticollinearity Regression



Variables

Removed Method




Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 ,113a ,013 -,001 ,713772



ANOVAb


1 Regression ,960 2 ,480 ,942 ,392a

Residual 73,873 145 ,509

Total 74,833 147



Coefficientsa

Model


Standardized

Coefficients

t Sig.

Collinearity Statistics

B Std. Error Beta Tolerance VIF

1 (Constant) ,370 ,132 2,796 ,006

FCF/TA ,524 ,431 ,101 1,216 ,226 ,990 1,010

RE/TE ,093 ,182 ,042 ,511 ,610 ,990 1,010


Coefficient Correlationsa

Model RE/TE FCF/TA

1 Correlations RE/TE 1,000 -,101

FCF/TA -,101 1,000

Covariances RE/TE ,033 -,008

FCF/TA -,008 ,186


Collinearity Diagnosticsa

Model Dimension Eigenvalue Condition Index

Variance Proportions

(Constant) FCF/TA RE/TE

1 1 2,325 1,000 ,03 ,07 ,03

2 ,567 2,025 ,04 ,92 ,05

3 ,108 4,638 ,93 ,00 ,92




Predicted Value ,28971 ,71543 ,47584 ,080813 148

Residual -,562740 6,625112 ,000000 ,708900 148


Std. Residual -,788 9,282 ,000 ,993 148



Predicted Value ,28971 ,71543 ,47584 ,080813 148

Residual -,562740 6,625112 ,000000 ,708900 148


Std. Residual -,788 9,282 ,000 ,993 148


Regression


RE/TE,FCF/TA

a . Enter

Model1

VariablesEntered

VariablesRemoved Method

All requested variables entered.a. Dependent Variable: DPRb.

Model Summary

.389a .151 .138 .21099Model1

R R SquareAdjusted R

SquareStd. Error ofthe Estimate

Predictors: (Constant), RE/TE, FCF/TAa.

ANOVAb

1.053 2 .527 11.832 .000a

5.921 133 .0456.974 135

RegressionResidualTotal

Model1

Sum ofSquares df Mean Square F Sig.

Predictors: (Constant), RE/TE, FCF/TAa. Dependent Variable: DPRb.

Coefficientsa

.185 .040 4.610 .000

.466 .137 .275 3.403 .001

.166 .056 .240 2.974 .003

(Constant)FCF/TARE/TE

Model1

B Std. Error

UnstandardizedCoefficients

Beta

StandardizedCoefficients

t Sig.

Dependent Variable: DPRa.

chapter v conclusion 5.1 conclusion · 51 chapter v conclusion 5.1 conclusion based on the analysis...

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